If the Price Elasticity of Demand for Gasoline Is 0

question 428

Multiple Choice

If the price elasticity of demand for gasoline is 0.8 and the price elasticity of demand for plane tickets is 2.2 then the demand for gasoline is ________ and the demand for plane tickets is ________.

• A) elastic; inelastic
• B) inelastic; elastic
• C) elastic; elastic
• D) inelastic; inelastic

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Definitions:

Legacy

Something transmitted by or received from an ancestor or predecessor, often referring to non-material things like values or traditions.

Individuation

The process by which an individual becomes distinct and develop their own personality, independent of the influences of others.

Levinson

Known for his work on adult development, Daniel Levinson proposed a theory outlining a series of stages through which adults progress during their lives.

Jung

A reference to Carl Jung, a Swiss psychiatrist and psychoanalyst who founded analytical psychology.